Director Cordray comments on timing of further mortgage rule changes and enforcement approach

While Director Cordray mostly recycled comments he has previously made about the CFPB’s mortgage rules in his remarks today to the American Mortgage Conference, he did offer some newsworthy information.

First, Director Cordray indicated that “any day now” the CFPB expects to finalize the additional changes to its servicing, ability to repay and loan originator compensation rules that were proposed in June.

Second, while showing no new receptiveness to a delay in the mortgage rules’ effective date, he did appear to confirm recent rumors that the CFPB is moving toward an approach of being reasonable in enforcement with companies that have made a good faith effort to comply. Noting that the CFPB “appreciate[s] the urgency and the resources that the mortgage industry is bringing to bear in preparation for the approaching effective dates,” he stated that the CFPB’s “oversight of the new mortgage rules will be sensitive to the progress made by those lenders and servicers who have been squarely focused on making good-faith efforts to come into substantial compliance on time.”

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